METLIFE PROVIDES MORE THAN $180 MILLION IN LONG-TERM FINANCING TO PORT OPERATOR IN THE U.K.
NEW YORK and LONDON, May 08, 2014
MetLife, Inc. (NYSE: MET) announced today that the company, along with a client investor, has provided more than $180 million in long-term financing to Forth Ports Limited, a privately held port operating group in the United Kingdom.
The total transaction consisted of an 80 million pound ($128 million) fixed rate note with an 18-year maturity and a 35 million pound ($56 million) floating rate note with an 18-year maturity.
“Our investment in Forth Ports demonstrates MetLife’s ability and readiness to creatively structure deals,” said Scott Inglis, managing director of private securities for MetLife. “We were uniquely able to meet the company’s maturity targets, pounds sterling currency preference, and desire for floating rate notes.”
Forth Ports Limited, headquartered in Edinburgh, Scotland, was taken private in 2011 by Arcus European Infrastructure Fund1 and currently operates eight facilities in the United Kingdom, including the major London port at Tilbury and regional Scottish ports.
“MetLife is an active investor in a variety of infrastructure assets in the United Kingdom and globally,” said John Tanyeri, managing director of infrastructure finance for MetLife, based in London. “This financing fits well with our strategy of investing for the long term to meet policyholder obligations and providing attractive returns for shareholders.”
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is a leading global provider of insurance, annuities and employee benefit programs. MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.